It makes more sense than many other editors, since you get a ton of functionality without modifier keys thanks to the modal interface, but it's still way better with a bluetooth keyboard.

Even just syntax highlighting and being able to use split windows makes it very useful for things like code review or just browsing code on an iPad.

You don't need an external keyboard to type effectively on the iPad. It comes with practice.

My wrists went in a week. How on earth did you manage?

Just like with a standard keyboard you need to get yourself in a decent ergonomic position before doing prolonged iPad typing. The temptation is a lot stronger on the iPad to fudge a little on the positioning which can very quickly be disastrous.

Namely: 90 degree angle on the elbow joint while making sure you don't slant your wrists up to reach the keys.

s/plugging/using

And no, it doesn't.